NGKF Capital Markets Closes Retail and Office Sales for Nearly $11M
- Mar 14, 2016
Orlando–NGKF Capital Markets has brokered the sale of two commercial properties for Boca Brickell 13 LLC and CenturyLink, respectively. The two Orlando area transactions, which include a 7-Eleven convenience store and a seven-story office building, closed for a combined $10.7 million.
Boca Brickell 13 LLC was represented by Executive Managing Directors Adam Greenberg and Michael Lapointe, and Managing Director Michael Lohmann in the sale of the 4,798-square-foot, single-tenant leased gas station and 7-Eleven convenience store. The property, which is located on 0.90 acres in Winter Garden, sold for $4.5 million. This disposition marks the fourth transaction the Miami capital markets team has arranged in the greater Orlando market since August 2015, following the three transactions closed in late November 2015, which had a cumulative value of more than $100 million.
NGKF Managing Director Michael Davis represented CenturyLink, a Louisiana-based global communications company, in the sale of the 100,000-square-foot, Class A office building located at 850 East Altamonte Drive in Altamonte Springs. The property, which sold for $6.2 million, is 100 percent leased. The building features a full generator back-up and offers easy access to Central Florida’s new commuter rail system.
“We’re seeing an increase in capital market transactions in office submarkets before the area supported new multi-tenant construction. Many office-building owners have been waiting for improved market dynamics in order to exit with minimal loss or at a net positive investment return. Some new-to-market investors, some now see a positive trend and are ready to deploy capital in the Orlando economy,” Jason Schrago, executive managing director in the NGKF Orlando office, said in a statement.
Investors are acquiring highly sought-after multi-tenant and single tenant buildings in every Orlando submarket. NGKF has office tenant clients within buildings in South Orlando, Downtown, Maitland and Lake Mary that have traded leases and lease renewals within the past six months.
“We’ve been able to secure very favorable lease renewal terms with new owners rather than implementing an unnecessary and costly relocation,” added Schrago.
Newmark Grubb Knight Frank is a leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
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